First Time Home Buyer Guide for property and Houses in the Philippines

Remember another popular saying “There's plenty of fish in the sea” regarding finding a partner? The same applies when finding the perfect house in the philippines. first-time home buyer guide number one is you should never settle for “all right”, but instead always go for “the best”. This is why curating a criterion when selecting a property in the in the Philippines is a wise idea. Determine your ideal location, property size, and preferences when it comes to its features while considering how much you can afford without going bankrupt.

Now that you have set your eyes on the house in the Philippines, the first-time home buyer guide number two is to pay The reservation fee with the initial amount you need to shell out to reserve the property in the Philippines under your name. The reservation fee will also give you some time to gather all the requirements needed and choose the financing option you’ll partake in.

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First-time home buyer guide number three, when purchasing a property, and one of the most crucial steps is to determine the best payment option for you. In the Philippines, there are four home financing options to choose from. The first one is Spot Cash Payment wherein the property buyer (in this case is you), pays the price of the entire house in a short period, more specifically one month after making the reservation. The second option is through Bank Financing where you loan from the bank to pay for the remainder of the property after you pay for the down payment. The house in the Philippines will then be under the bank’s name until you can able to pay the entirety of the property.

The third option is through the Pag-IBIG Financing where you only have to pay the equity then the balance will be paid through Pag-IBIG. This option is the most popular amongst Filipinos as the payment can be done for up up to thirty years. The final option is the Deferred Cash Payment where you can pay the total price of the property in the Philippines for a given period, depending on the developer or seller.

First-time home buyer guide number four, contact the broker, chances are, the property owner or developer has appointed someone to sell the property in the Philippines on their behalf. Getting in touch with the broker is very advantageous. Not only does he or she make the entire transaction easier, you’ll also have a go-to person for your queries and concerns. The broker can also give you alternative property options if you are having second thoughts about buying a house in the Philippines.

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First-time home buyer guide number five, gather required paperwork, just like everything else in the “adulting realm”, a lot of paperwork is needed to actually get something done. The first form you need to accomplish is the Letter of Intent stating your desire to purchase the property in the Philippines. Other common requirements you need to gather are photocopies of government IDs, your recent income tax return, your community tax certificate, and your certificate of employment.

First-time home buyer guide number six, secure the legal documents, Now that the arrangements have been made, the negotiations settled, and the ultimate deed done, you now have to collect the documents that prove you are the owner of the house in the Philippines. Examples of these important documents include the Contract to Sell which contains the written agreement between you and the seller, the Deed of Absolute Sale which is penned by the Registry of Deeds stating the transfer of ownership, and the Certificate Title proving the successful transfer of the property to you.

Buying a property in the Philippines is a complicated, daunting endeavour. But as long as you know the steps to take and the right decisions to make, you’ll be well on your way to becoming a certified homeowner.

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